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Old 04-10-2008, 05:22 AM
 
Location: PA
1,032 posts, read 3,972,652 times
Reputation: 432

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When we closed on our house back in October, we did an 80/10/10, and the rate on our second mortgage is at 9% - I want to refinance that.

Is it time? Are rates lower? We are "a-paper" applicants (whatever that means), what kind of rate should we expect?

THANKS!!!
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Old 04-10-2008, 06:37 AM
 
Location: CNJ/NYC
1,240 posts, read 3,760,434 times
Reputation: 428
Quote:
Originally Posted by KristyLiz View Post
When we closed on our house back in October, we did an 80/10/10, and the rate on our second mortgage is at 9% - I want to refinance that.

Is it time? Are rates lower? We are "a-paper" applicants (whatever that means), what kind of rate should we expect?

THANKS!!!
Is there a pre-payment penalty on the second mortgage? You may find rates a little lower but not very much...
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Old 04-10-2008, 01:24 PM
 
Location: PA
1,032 posts, read 3,972,652 times
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Quote:
Originally Posted by TwiloMike View Post
Is there a pre-payment penalty on the second mortgage? You may find rates a little lower but not very much...
No prepayment penalty.
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Old 04-10-2008, 09:00 PM
 
Location: CNJ/NYC
1,240 posts, read 3,760,434 times
Reputation: 428
Quote:
Originally Posted by KristyLiz View Post
No prepayment penalty.
Check with a few lenders to see what they will offer you.
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Old 04-11-2008, 04:17 PM
 
Location: Boca Raton, FL
5,665 posts, read 9,280,952 times
Reputation: 7454
Smile You might find it difficult....

You may find it difficult to find a second - check to see if you are in a declining market; if you are, chances are - stay where you are. If not, some lenders are only lending at a combined loan to value of 85%.
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